Vinva Investment Management Ltd Sells 7,950 Shares of Spotify Technology $SPOT

Vinva Investment Management Ltd cut its stake in shares of Spotify Technology (NYSE:SPOT) by 35.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,751 shares of the company’s stock after selling 7,950 shares during the period. Vinva Investment Management Ltd’s holdings in Spotify Technology were worth $10,746,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Spotify Technology during the 2nd quarter worth approximately $768,915,000. Principal Financial Group Inc. boosted its position in shares of Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after buying an additional 460,115 shares during the period. Franklin Resources Inc. increased its position in shares of Spotify Technology by 41.8% in the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock valued at $867,937,000 after buying an additional 333,537 shares in the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Spotify Technology by 931.2% in the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after buying an additional 327,667 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SPOT shares. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a report on Friday, January 30th. Citizens Jmp initiated coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target on the stock. Moffett Nathanson initiated coverage on Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. KeyCorp decreased their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Price Performance

SPOT opened at $566.73 on Monday. The company has a market capitalization of $116.68 billion, a price-to-earnings ratio of 58.79, a P/E/G ratio of 1.23 and a beta of 1.66. The business’s 50-day moving average price is $507.95 and its two-hundred day moving average price is $600.68. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 earnings per share. Sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.